PM Roosevelt Skerrit will be seeking approval of Parliament to borrow a total of EC$135 million from the World Bank. The proposed loan will be in two phases: EC$81 million to help with Dominica’s recovery from the COVID-19 pandemic, and EC$54 million to finance disaster risk management in the country.
Skerrit plans to present these two resolutions before lawmakers for approval when the Parliament resumes on Monday.
The prime minister clarified that he actually intends to present three major items to lawmakers, the first and second are the proposal to borrow $81 million and another $54 million from the World Bank, and the third is the Virtual Asset Business Bill.
There’s three major items, there’s two resolutions; these resolutions are seeking Parliamentary approval to borrow from the World Bank; and of course, there is the Virtual Asset Business Bill. That act is to provide for the registration and supervision of virtual asset businesses from Dominica and from persons in Dominica and other related matters.
Hon. Roosevelt Skerrit, Prime Minister of Dominica
According to Skerrit, the $81 million will be taken from the International Development Association of the World Bank and it is targeted at helping Dominica respond and recover appropriately from the pandemic. He revealed that the loan will be repaid at an interest of three quarter of one percent and is due for repayment after 10 years.
The DLP leader disclosed that as soon as parliament approves the resolutions, the government will be able to access the loans without delay. He noted that the government has finalized the required details and the only requirement left is the parliamentary approval. He added that Dominica has been enjoying very good relationship with the World Bank and that this has translated to economic assistance for the country.
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